While calculating Goodwill under super profit method, the sequence followed is: A. Calculation of Super profit B. Calculation of Capital Employed C. Calculation of Normal profit D. Calculation of Average profit E. Calculation of Goodwill Choose the correct answer from the options given below:

Shweta, Shreya and Shaniya were partners sharing profits in the ratio of 3: 2: 1. Shaniya retired from the firm and her capital, after making adjustments for reserves and gain of revaluation amounted to ₹ 4,50,000. Shaniya took 25% of the furniture, accepted bill of exchange for…

On dissolution of partnership, goodwill account is transferred to:

Legend can be repositioned on the chart:

The steps in the Process of Preparing Profit and Loss Appropriation account are: (A) Transfer the net profit to the credit side of P & L Appropriation A/c (B) Divide the Profit among partners in the Profit Sharing ratio (C) Ascertain net profit after providing for all charges (D)…

Debentures issued for consideration other than cash includes, debentures: A. Issued to bank as additional security B. Issued to vendor C. Issued to Public D. Issued to creditor E. Issued for cash Choose the correct answer from the options given below:

On retirement/ death of a partner, the remaining partners who have gained due to change in profit sharing ratio should compensate the:

Lisa, Monika and Nisha are partners in a firm sharing profits and losses in the ratio of 2:2: 1. Their capital A/c stood as ₹ 50,000, ₹ 50,000 and ₹ 25,000 respectively. Monika died and balance in the reserve on that date was ₹ 15,000. If goodwill of the firm is ₹ 30,000 and prof…

On Dissolution of partnership firm out of total debtors of ₹ 2,50,000, ₹ 10,000 became bad and the rest realized 70%. In the given case Bank, A/c will be debited by: